Feb 07, 2006. /Lesprom Network/. Louisiana-Pacific Corporation reported fourth quarter net income of $85 million, or $0.80 per diluted share, on sales from continuing operations of $624 million. In the fourth quarter of 2004, LP's net income was $14 million, or $0.12 per diluted share, on sales from continuing operations of $564 million. For the full year of 2005, LP reported net income of $456 million, or $4.15 per diluted share, on sales from continuing operations of $2.6 billion compared to net income of $421 million, or $3.84 per diluted share, on sales from continuing operations of $2.7 billion for the full year of 2004. For the fourth quarter of 2005, income from continuing operations was $91 million, or $0.86 per diluted share. In the fourth quarter of 2004, LP's income from continuing operations was $17 million, or $0.15 per diluted share. For the full year of 2005, income from continuing operations was $476 million, or $4.34 per diluted share. For the full year of 2004, income from continuing operations was $421 million, or $3.84 per diluted share. "LP grew stronger in 2005," said Rick Frost, LP chief executive officer. "We finished the year with a very strong balance sheet. We invested over $250 million into our existing plants and new capacity through our joint ventures. We bought back about 5.5 million shares and raised the annual dividend to a $0.50 per share rate. LP had the safest year in our history with a total incident rate of 1.39, and improved the quality systems across the company. We completed the final steps of our restructuring with the sale of the Gwinn, MI sawmill and our vinyl business and the completion of our relocation to Nashville." Mr. Frost continued, "In the fourth quarter, we marked a significant milestone in our investment program for capacity growth and efficiency as our new Peace Valley joint-venture OSB mill, with a planned full-production annual capacity of over 800 million square feet, produced first board. We also announced the expansion of our Chilean operations, where we will relocate a mothballed OSB mill to provide an additional 160 million square feet of annual capacity. With the investments that we have made in the last several years and those planned for 2006, LP has the production capacity to continue to grow with our customers." LP is a premier supplier of building materials, delivering innovative, high-quality commodity and specialty products to its retail, wholesale, homebuilding and industrial customers.